Takashimaya, Shimizu acquire office-commercial building in Hanoi

11, Dec. 2019

Photo by Luu Quang Minh (AA Plus Photography) on Unsplash
Photo by Luu Quang Minh (AA Plus Photography) on Unsplash

HO CHI MINH CITY, NNA - Japanese department store chain operator Takashimaya Co. and general contractor Shimizu Corp. have jointly acquired the commercial and office sector of a commercial-residential building in downtown Hanoi.

Takashimaya's urban development arm, Toshin Development Co., and Shimizu's Singaporean arm, Shimizu Investment (Asia) Pte. Ltd., took over Hanoi Residential and Commercial Centre -- HRCC Ltd., the owner and operator of Indochina Plaza Hanoi -- for an undisclosed amount.

Toshin holds a 60 percent stake in HRCC and Shimizu Investment the remainder, according to a joint statement released on Monday.

Indochina Plaza Hanoi on Xuan Thuy street in Cau Giay District in Hanoi. (Photo courtesy of Takashimaya)
Indochina Plaza Hanoi on Xuan Thuy street in Cau Giay District in Hanoi. (Photo courtesy of Takashimaya)

Located in the Cau Giay District of the Vietnamese capital, the building has a 24,900 square-meter commercial area, a 17,400 sq-meter office area and a residential area. The busy Xuan Thuy street nearby with a subway station under construction is popular among Japanese expatriates as it is near a Japanese school.

The two companies have chosen the area as they expect strong growth there, a Takashimaya spokesman told NNA on Tuesday. (NNA/Kyodo)